Mid-Atlantic to develop Walgreens drugstore in Petersburg

Contact Information:
Trey Morgan
Morgan Real Estate, Inc.
954-563-8600
954-563-9566
tmorgan@flaprop.com

Drugstore to Open on Site in the First Quarter of 2005

PETERSBURG, Virginia - (August 6, 2004) – Crater Road Realty, LLC, managed by Mid-Atlantic Commercial Properties, is pleased to announce that it has completed the acquisition of approximately 1.66 acres at the northwest corner of Crater Road and Crater Circle in the City of Petersburg. The property was purchased from Rebkee Partners Crater, LLC as part of a redevelopment of the Crater Cinema 8 movie theater. The project will be developed to include a 14,820 square foot Walgreens drugstore with drive-thru pharmacy. Kimberly Bisger and Charles Warner in the Richmond office of Advantis Real Estate Services Company, a partner in GVA Worldwide (Advantis/GVA), represented Crater Road Realty in the purchase.

The new Walgreens store is expected to open in March 2005. This is the third Walgreens location developed in the greater Richmond area by Mid-Atlantic Commercial Properties in 2004. “We are aggressively seeking sites throughout the Commonwealth of Virginia for both development and redevelopment projects,” said Trey Morgan, President of Mid-Atlantic Commercial Properties.

Mid-Atlantic Commercial Properties is affiliated with Morgan Real Estate, Inc., a licensed real estate broker, property manager, and commercial developer based in Fort Lauderdale, Florida, and is a preferred developer of the Walgreen Co.

Walgreen Co., based in Deerfield, Illinois, is the nation's largest drugstore chain with fiscal 2003 sales of $32.5 billion. As of June 30, 2004, the company operated 4,442 drugstores in 44 states and Puerto Rico, versus 4,077 a year ago, and plans to open more than 400 net new stores per year for the next five years.